Questions across 3 calls

Rupesh Tatiya

Long Equity Partners

Usha Martin Limited

Usha Martin Limited CC-Feb26.pdf · 2026-01-30

Thank you for the opportunity and congratulations Rajeev ji for a very good set of numbers. My question is on the CBAM issue - the Carbon Border Adjustment Mechanism that Europe has come up with. I think it became applicable from January '26. And I think in the FTA also there was no sort of relief on this front. And I think steel is one of the major industries and is basically the target industry under this. Is there any impact of this on us? Do we need to change some source of steel? How we procure steel? Can you give some color around that?

What sort of changes do we have to do from 2028? And does it sort of reduce our competitive advantage in the sense that India has one of the lower steel prices. Does it give some advantage to European manufacturers? Any color you can give around that? And what exactly do we have to do to not have to give any levy for the CBAM?

Onesource Specialty Pharma Limited

Onesource Specialty Pharma Limited CC-Jan26.pdf · 2026-01-24

Yes. Hello, sir. Thank you. Thank you for the opportunity. My first question, sir, is to understand the peak capacity utilization. So, I think in the last call, you said that, let's say, on the 40 million base DDC capacity, peak production can only be 20 million to 25 million devices. So that seems a little low to me. So any technical explanation you can give for this? And then maybe you can also tie this with the batch size increases that we are looking at. I mean, batch sizes, I always thought was an API. It was used in API parlance, but pardon my ignorance. So how -- what are we trying to do there also with this increase in batch sizes? What will happen to the capacity and the capacity utilization?

Okay. Just one follow-up, sir. When we go, let's say, 100% CSA at some point in H2 FY27, on this 40 million capacity the peak production can be 70%, 80%. That's a fair assumption?

Onesource Specialty Pharma Limited CC-Nov25.pdf · 2025-11-12

Hello, sir. Thank you for the opportunity. I think I looked at the Slide 8, I think 2 new platforms we have added. So it's really nice to see. My question is, sir, for whatever 20, 22 customers you have for semaglutide, are you doing device assembly for all of them? Or is there like a significant number where we're only doing cartridge filling and device assembly customers is taking care at its own end?

That's very clear. And then maybe just to understand from a competitive point of view, how many of competition has this device assembly capacity across 10, 11 platforms?